I had one that was given to me in similar condition.
It had a weedeater engine basically and I had to replace the primer bulb and fuel lines with weedeater parts. I also put in a new tube and rear tire.
The lights and everything were trashed and didn't work.
I rode it a couple times and it was dangerous. On tiny wheels with such a high center of gravity, it was hard to ride on any surface, and I wrecked it in my gravel drive way right away. I sold it for $40 on craigslist in running condition.
Still have a scar on my knee from crashing it and I was wearing jeans when it happened. Owned it for a total of 2-3 months when I was 13.
Mine was labeled something like "Boreem" and "JIA" was somewhere also. It had "sweet" flame decals though.